It is known in the air valve art to provide single or multiple pressure regulators to control the pressure of air supplied to an air cylinder or other device being controlled. Heretofore, multiple pressure regulators have been employed by mounting multiple directional valves in stacking fashion or on a common manifold base. However, such structure is expensive and awkward in use, and it is extremely difficult and expensive to provide pressure regulation to individual outlets. Because of the high cost, small space and relatively short life of diaphragms, and other components of pressure regulators, it is not common to use such multiple pressure regulators in a line between the outlet or cylinder port of a directional valve and a device being controlled as, for example, an air cylinder. Due to the complexity, space requirements and cost, it has not been practical heretofore to provide a pressure regulation means and free flow means between the cylinder port of a directional control valve and a device being controlled, such as an air valve. The result has been a waste of air requiring excessive pumping capacity, a waste of energy, and an increase in the cost of using air as a power and control means. Examples of the prior art regulating valves are illustrated in German Pat. No. 2,738,476 and in U.S. Pat. Nos. 2,272,091; 2,501,483; 2,698,632; Re. 29,292; 3,400,735; 3,621,867; 3,376,792; 3,747,629; 3,825,029, and 4,182,360. A further disadvantage of the prior art pressure regulating valves is that they do not provide a quick exhaust function for quickly and completely exhausting downstream pressure.